Russia and Greece have signed a deal to create a joint enterprise for the construction of the TurkStream pipeline across Greek territory, Russian Energy Minister Aleksandr Novak said. The pipeline will have a capacity of 47 billion cubic meters a year.
Construction of TurkStream’s Greek section will start in 2016 and be completed by 2019. The two countries will have equal shares in the company, Novak said at the St Petersburg Economic Forum on Friday.
The pipeline’s construction in Greece will be financed by Russia and Athens will return the money afterward, he added.
Greek Energy Minister Panagiotis Lafazanis said the Friday meeting was “historic.”
“The pipeline will connect not only Greece and Russia, but also the peoples of Europe,” Lafazanis was quoted as saying by Sputnik news agency. “Our message is a message of stability and friendship… The pipeline we are starting today is not against anyone in Europe or anyone else. It is a pipeline for peace and stability in the whole region.”